BAIC to take 70% stake in Changhe Auto, Xinhua says

Beijing Automotive Group (BAIC), China’s fifth-largest auto maker by sales, entered into an agreement Monday to take 70-percent stake in Jiangxi Changhe Automobile Co. for about 80 million yuan (US$13 million), Xinhua news agency reported. The Jiangxi Provincial State-owned Enterprise Assets Operation (Holdings) Co. will own the remaining 30-percent stake, under the strategic cooperation agreement signed by the BAIC and the Jiangxi provincial government, it said. BAIC and the provincial government plan to invest 13 billion yuan in the four years to 2017 to nearly double the annual production capacity of the small vehicle maker to 500,000 units and boost annual revenues to 50 billion yuan, according to the report.

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